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Get real, Part I

Get real, Part I

With the grinding halt of the real estate rollercoaster, exhilaration at the prospect of a ‘fast buck’ is over. What’s next for the industry? Part I.

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October 27, 2009 3:15 by



New business model

Market intelligence has shown the writing on the wall, even suggesting a paradigm shift for the industry going forward. A recent Jones Lang LaSalle MENA House View says the investment landscape of the region’s real estate markets has changed over the past six months and that investors need a new business model. “This new model involves a shift of focus away from the previous develop-and-sell approach to one based around holding assets to secure sustainable, long-term income flows.” As of March, JLL expected further price erosion over the 12-month period until the end of Q1 2010. “This could be the point where investors are enticed to enter the market,” the report states.

Some people saw it coming. HSBC’s springtime 2009 UAE real estate report – supported by ground surveys of brokers and properties – suggested a “bottoming out” of the market and confirmed that prices have “started to stabilize due to renewed interest as well as some sellers re-pricing, pulling their properties off the market, or putting them up for lease.” The report goes on to state that “foreign investors also seem to be back in the market and the majority of transactions are being conducted in cash.” That despite the fact that 75 percent of the projects shelved across the region are concentrated in the UAE.



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